Fd principal amount exceeds
This query is : Resolved
16 March 2015
one of my client have house property and received rent and pay regular it. and now he planning to sale of property and after that amount he invest to FD in a bank amount of the property is 70 lac. my query is the sale amount is taxable or not.
CMA Ramesh Krishnan
(Expert)
16 March 2015
Sale of house property will be taxable under Capital gains heads, based on the period of holding it will be taxable either shor term or long term gain. but instead of putting the sales proceeds to fixed deposit, he can deposit not capital gain account for purchase of any other property to avail exemption u/s.54
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